Foxconn’s first-quarter revenue grew 29.7% year-on-year, benefiting from increased demand for AI materials. The company will release its first-quarter results on May 14th. The Taiwanese company warned of global political volatility despite the revenue growth.
Foxconn, a major global electronics manufacturer, reported a 29.7% year-on-year revenue increase in the first quarter due to strong demand for AI products. Revenue from Nvidia’s servers and Apple’s iPhones rose to 2.13 trillion Taiwanese dollars ($66.60 billion).
The revenue slightly missed the estimated SmartEstimate of 2.148 trillion Taiwanese dollars. Strong demand for AI materials led to significant revenue growth in the cloud and networking products division. Consumer electronics, including iPhones, saw substantial growth thanks to new product launches.
In March alone, revenue increased by 45.6% year-on-year to a record 803.7 billion Taiwanese dollars. Operations are expected to increase in both the second quarter and year-over-year, with AI continuing its growth trend. Foxconn emphasized the need to monitor the impact of global political and economic volatility.
President Young Liu identified global economic and political situations, particularly the conflict in the Middle East, as the company’s biggest external challenge this year. Foxconn, formerly Hon Hai Precision Industry, does not provide specific forecasts but will present its full first-quarter results on May 14th.
Foxconn’s shares have declined by 16% this year, lower than the 12% increase in the Taiwanese market index. The stock closed down 2% on Thursday ahead of the revenue data release, aligning with the overall market index movement. Taiwanese financial markets were closed on Friday for a holiday and will resume on Tuesday.
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